Retirement age extension for LIC, PSB executives proposed
The Centre is currently discussing a proposal to extend the retirement age of top executives at the Life Insurance Corporation (LIC), State Bank of India (SBI), and other public sector banks (PSBs). The plan includes increasing the LIC chairperson's tenure to 65 years and raising the superannuation age for PSB managing directors from 60 to 62 years. However, discussions are ongoing, and no final decision has been made.
The current SBI chairperson will retire next year
Dinesh Khara, the current SBI chairperson, assumed his role in 2020 for a three-year term. Under existing regulations, he is slated to retire in August 2024 when he turns 63. The proposed changes could grant him an extension, but an official announcement is still pending.
LIC managing directors' terms under review
In addition to the retirement age extension for top leaders, the tenures of managing directors at PSBs may also be affected. For example, LIC currently has three managing directors - M Jagannath, Tablesh Pandey, and Mini Ipe - whose terms could be impacted by any alterations in retirement age policies.
What about the chairperson of LIC?
Siddhartha Mohanty was recently appointed as LIC chairperson until June 29, 2024, after which he will serve as managing director and CEO until June 7, 2025. He succeeded M R Kumar in March this year. The potential extension of the retirement age for managing directors could influence their tenures as well.
